Blog/Customer Experience/How to automate loan status checks with Airkit

There are levels to loans. While some might classify covering the check at a dinner with friends as a kind of loan, the rest of the financial sector would beg to differ.

Loans are complex, multi-step financial instruments. For both the loan provider and the loan recipient, it’s essential to keep track of the loan’s status as it moves from submitted, to approved, to settled. 

But, if the loan provider and recipient don’t have a great way of sharing critical updates like loan status information in a scalable, timely manner, things can go awry. Airkit offers companies an easier way to share information with their customers, and customers an easier way of accessing the information they’re after on their own time. 

Using Airkit, you have a fully-automated, totally customizable highway of information, connecting your company to your customers — all while driving down contact center costs. 

Using self-serve automation to reduce contact center costs

Let’s imagine you’re running a company called Air Bank Inc where you issue mortgage loans to customers. You have a customer whose loan is in great shape, but wants to double check its status. 

If your only avenue for customer support at Air Bank Inc is your contact center, that customer will likely have to wait on hold alongside other customers waiting to speak with an agent. The problem is, your ideal customer with whose loan is in great shape might not need to speak to an agent. What they need more than a conversation is access to information. Still, if Air Bank Inc’s contact center is the only way to get to the information your customer is after, then the customer is stuck waiting on hold.  

In this scenario, your company is paying for increasingly expensive contact center costs as more customers call in to check on the status of their loan. Using automated loan status checks, you can avoid both problems at once. 

Automating loan status checks with Airkit

Airkit connects to your company’s backend database and your customer’s front-end experience across web and mobile environments. Now, you can use existing data you have to validate customers’ identities and create new customer records as they move through a self-serve experience to check the status of their loan. Here’s how it works. 

Step 1: Validating customer information 

The first step of the process is to make sure you can validate who your new or existing customer is. So, the customer would input their name, phone number, and reference number for their loan. Then they’d consent to receive SMS updates about their loan status so they can stay in-the-know. 

Step 2: Staying up to date

As your customer’s loan moves from processing to underwriting to approval to closing, Airkit will register those changes in status and send your customer SMS updates about their loan proactively.

Now, instead of having to reach out for information, your customer receives information in a timely manner, all via SMS. 

If you need to spell out the more complex steps of a loan process that might not be right for an SMS, you can cover those steps in detail on an Airkit onboarding screen. 

Step 3: Making things personal

Let’s say your customer has registered all their information but still needs to work out the details of a loan with your company in-person. Using Airkit, they can schedule an appointment on the spot as part of their onboarding experience. Instead of waiting for a call back from your company to schedule an appointment, your customer can book on their own time. 

Once they confirm a time, they’ll get an SMS confirmation of their appointment. 

Putting automated loan checks to work 

Airkit’s automated loan check solution gives both companies and customers what they need: a much easier, faster, scalable experience. Automating CX for these transactional processes is the future and can help businesses of all sizes move towards growth and cost efficiency.

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